OLED (Organic Light Emitting Diode) is a light emitting diode that uses organic compounds that emit light when electric current is applied. It consists of a series of thin organic films placed between two conductors. OLEDs are very thin, only 100-500 nanometers, and emit light through electroluminescence when electric current passes through the organic layers. They can be passive matrix or active matrix and come in transparent, top-emitting, and flexible varieties. OLEDs are being used in applications like TVs, phones, keyboards, and lighting due to advantages like being thinner, lighter, more power efficient, and flexible compared to LCDs.